Keeping pace with JPMorgan CEO Jamie Dimon's comments to CNBC earlier in the week, Smith said that he believes the U.S. consumer economy is improving, fueled by factors including rising home values and improving job growth.

"I'm just much more optimistic about the economy than some of the rhetoric you hear," Smith said. "If we go back to the first half of last year, we see a very steady, gradual improvement with the consumer."

Still, also like Dimon, Smith said he acknowledges a need for an interest rate hike. But, unlike so many Wall Street prognosticators, Smith appears to have thrown in the towel when it comes to marking his calendar.

"We can't impact rates," Smith said. "And almost everyone who tries to predict where rates are going has been wrong over the last number of years."

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